TRANSACTIONS
ADVISER TO PASSPORT FOOD GROUP
Grand Avenue Capital has assisted the family shareholders of Passport Food Group in the sale of the company to Wedbush Capital, a Los Angeles private equity group.
Passport Food Group, LLC manufactures food products, such as noodles, sauces, spices, canned fruits and vegetables, and cookies, selling to restaurants, and foodservice companies. Passport Food Group serves customers in California.
Grand Avenue Capital was engaged by the shareholders of Passport Food Group Inc., which encompasses Wing Hing Foods and Royal Pasta, as their financial adviser in the sale of the Company. The management buyout of the PFG was completed by financing provided by Wedbush Capital Partners and California United Bank.
Grand Avenue Capital negotiated the transaction on behalf of the shareholders, coordinating tax, financial and legal support and analyses for the family owners.
About Grand Avenue Capital Investment Bankers
Grand Avenue Capital is an investment banking firm focusing on middle-market merger / acquisitions (both buy-side and sell-side engagements), private placements of capital for growth opportunities, valuations and strategic investment advisory services. in various industry sectors. Grand Avenue Capital's culture embraces teamwork, tenacity, perseverance and creativity to provide our domestic and international clients exceptional value, delivering skillful positioning and relentless execution. Grand Avenue Capital becomes a trusted adviser to its clients.
Based in Pasadena, California and Chicago, Illinois, Grand Avenue Capital augments its international capabilities through its active participation in One to One Corporate Finance, an exclusive global alliance of M&A advisory firms.
Wedbush Capital Partners Announces
Acquisition of Passport Food Group
Management Buyout Completed in Partnership with CEO Dave Abrams
LOS ANGELES – Wedbush Capital Partners is pleased to announce the platform acquisition of Passport Food Group (“Passport”), the holding company of Wing Hing Foods and Royal Pasta, two specialty ethnic food manufacturers for the foodservice and food manufacturing industries. This acquisition is the seventh platform acquisition by Wedbush Capital Partners II, which specializes in acquiring growth-ready, lower middle-market companies.
Founded in 1978 by the Yee family, Wing Hing Foods is one of the largest manufacturers and distributors of authentic Asian noodle and wrap products in the country, primarily serving the foodservice and food manufacturing industries nationwide. Founded in 1887, Royal Pasta is the 2nd oldest dry pasta manufacturer in the United States and currently, manufactures a variety of dry Italian pasta products including organic, artisan bronze die and whole-grain for the foodservice industry. Both companies are located in Southern California.
“Joining forces with Wedbush Capital will enhance our team’s ability to build a leading specialty ethnic foods manufacturer to foodservice and food manufacturing customers in North America,” said Dave Abrams, Chief Executive Officer of Passport.
“We are excited about our partnership with Dave Abrams, a leader we have known and admired for years,” said Geoff Bland, Managing Director of Wedbush Capital Partners. “It is this partnership that resulted in this uniquely sourced, attractively positioned company for our fund.”
“We look forward to supporting the Passport management team on their various growth initiatives,” added Kevin Tom, a Vice President at Wedbush Capital “The historical and expected future growth rates for both specialty categories of food products are compelling, and we expect to add growth through acquisitions as well.”